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《大行報告》中金下調百度(09888.HK)目標價至196.7元 評級「跑贏大市」
中金發表報告,指百度(09888.HK)首季業績好過預期。由於內地疫情自3月起反彈,相信集團旗下移動生態系統(Mobile ecosystem)短期受壓,而為了應對收入的短期下降,集團正在減少可變費用,削減成本並提高效率。隨著疫情狀況的緩解和宏觀環境的復甦,該公司仍認為下半年的核心廣告收入將反彈。 該行指,隨著公司降本增效,旗下視像網站平台愛奇藝(IQ.US)逐漸扭虧為盈,因此將對其2022年和2023年非美國通用會計準則淨利潤預測分別上調21%和12%至163億和227億元人民幣。考慮到疫情導致在線營銷業務放緩,將廣告業務的目標2023年市盈率預測從8.5倍下調至8倍,維持評級「跑贏大市」,H股目標價下調7.8%至196.7元。
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